When it comes to personal loans, online lending has become increasingly popular. Now, you can easily apply and receive funds from the comfort of your own home.
The main advantage of online loans is the speed of the application process. Unlike traditional lenders, online lenders don't require you to visit a physical branch or prepare piles of paperwork. You can apply within minutes on their website or mobile app, and usually, get an answer within hours.
Here are the top 5 personal online loans you should consider:
SoFi offers both fixed and variable rates on personal loans, ranging from $5,000 to $100,000. Their APR starts at 5.99% and it's available for borrowers with good to excellent credit. SoFi also has no origination fees or prepayment penalties.
Marcus offers loans from $3,500 to $40,000 with APR starting at 6.99%. They don't charge any fees, and you can choose the loan term that suits you best, ranging from 36 to 72 months.
Payoff is a lender that specializes in consolidating credit card debt. Their loans range from $5,000 to $40,000, and the APR starts at 5.99%. Besides, Payoff offers free FICO score tracking and job loss support.
LendingClub connects borrowers with investors who fund the loans. Their loans range from $1,000 to $40,000 with APR starting at 6.95%. They charge an origination fee, ranging from 1% to 6% of the loan amount.
Prosper offers loans from $2,000 to $40,000 with APR starting at 6.95%. They charge an origination fee, ranging from 2.41% to 5%. Prosper also offers a \"No Hidden Fees\" policy and a \"Soft Credit Check,\" which won't affect your credit score.
Before you apply, it's crucial to compare the rates and terms of several lenders and their eligibility requirements. Moreover, make sure you can repay the loan on time to avoid getting into further debt. With these tips in mind, you can find the personal online loan that fits your needs.
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